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GOBankingRates Reports 7 Best Auto Loan Rates Available in Louisville
Published March 12, 2014 by

Car prices are rising, yet auto loan rates remain low, at least for the moment; in order to get behind the wheel, American borrowers are taking out larger loans today than ever before.

To help car buyers take advantage of the lowest auto loan rates today from local banks and credit unions, GOBankingRates released a list of the best rates in Louisville.

“Although rates on some loans, like mortgages, are increasing, auto loan rates are still relatively low and affordable,” said Amanda Garcia, reporter for GOBankingRates. “GOBankingRates consistently finds auto loan rates below 3% at many community banks and credit unions, such as Fort Knox Federal Credit Union’s current 1.99% APR rate.”

To provide borrowers benchmarks for comparison shopping, GOBankingRates also surveyed the average auto loan rates on the city, state and national levels.

Average New Auto Loan Rates:

Louisville Kentucky National
3-Year Auto Loan 3.04% APR 3.11% APR 3.26% APR
4-Year Auto Loan 2.98% APR 3.01% APR 4.01% APR


7 Lowest Auto Loan Rates in Louisville

Fort Knox Federal Credit Union is notable for offering the lowest auto loan rate in Louisville, along with an additional 0.25% rate discount if the vehicle’s loan-to-value ratio is 60 percent. (The listed 1.99% rate applies to terms up to 66 months and requires either an 80 percent loan-to-value or a direct deposit of the net pay.)

  • No. 1- Fort Knox Federal Credit Union’s 3- and 4-Year Auto Loans: 1.99% APR*
  • No. 2- PNC Bank’s 3-Year Auto Loan: 2.34% APR
  • No. 3- BB&T’s 3-Year Auto Loan: 2.39% APR
  • No. 4- Park Community Federal Credit Union’s 4-Year Auto Loan: 2.49% APR
  • No. 5- US Bank’s 3-Year Auto Loan: 2.50% APR
  • No. 6- Chase Bank’s 4-Year Auto Loan: 2.93% APR
  • No. 7- Fifth Third Bank’s 4-Year Auto Loan: 3.08% APR

*A rate of 1.74% APR is available to borrowers with a Loan-to-Value ratio of 60%.

About This Study

This study surveyed base auto loan rates for three- and four-year terms from banks and credit unions located in Louisville and surrounding Jefferson County as of March 3, 2014. Data was compiled from the GOBankingRates interest rate database, which in partnership with Informa Research Services Inc., aggregates banking and interest rate information belonging to more than 6,000 U.S. banks and credit unions. Rates listed above do not consider short-term, promotional offers or relationship discounts.

Please note that interest rates are subject to change at any time at the discretion of individual banks and credit unions. Other terms and conditions could apply. Although the information has been obtained from the various financial institutions, Informa Research Services cannot guarantee the accuracy.

Read more: The 7 Best Auto Loan Rates Available in Louisville

VISA Cardholder Services Phone Number Change
November 14, 2013

Starting November 14th, your VISA Credit Cardholder Service phone number has changed. The new number is (866) 820-6781 and can be used to obtain balance information. Other VISA phone numbers have remained the same and can be found on our VISA website page.

Fort Knox Federal Opens New Branch in Bardstown Wal-Mart
November 18, 2013

Fort Knox Federal Credit Union opened a second Bardstown branch located inside Wal-Mart, 3795 East John Rowan Blvd., on November 18. . 

“The Wal-Mart location is an added convenience for our many members in Bardstown, Springfield and the surrounding area,” said Bill Rissel, President and CEO of Fort Knox Federal. “We are very pleased to work with Wal-Mart and have a location in this popular retail outlet,” he added.

The Credit Union opened a new, free-standing office in Bardstown in June 2012 replacing its Kroger Shopping Center branch.

Fort Knox Federal membership is open to anyone who lives, works, or worships in Nelson and surrounding counties. The new Bardstown Branch offers full-service including mortgage and loan processing, free ATM services, and in-branch teller service along with the latest in technology including online and mobile banking. “Our new branch will accommodate members however they prefer service,” Rissel added.

This new facility is our second branch in Bardstown and is a part of Fort Knox Federal’s continuing growth. Now with more than $1 billion in assets, Fort Knox Federal serves approximately 80,000 members worldwide and currently operates 14 branches throughout central Kentucky. In January this year, Fort Knox Federal opened its first Jefferson County branch at 9915 Dixie Highway near the Meijer’s Shopping Complex. The Credit Union also opened new branches recently in Hodgenville, Brandenburg and Danville. .

Deal of the Day: Fort Knox Federal Credit Union Mortgage Rates at 3.50%
Published November 12, 2013 by

Now is a great time to buy or refinance a home. Interest rates remain low nationwide, and locking in a good rate now will save you thousands of dollars on interest payments in the years to come. Because your home will likely be the largest purchase you ever make, it is important to shop for a competitive rate.

Currently, Fort Knox Federal Credit Union is offering an impressive 15-year mortgage rate of 3.500%.

Fort Knox Federal Credit Union Mortgage Rates: Terms and Conditions
The interest rate is based on a $150,000 loan. In order to qualify for the rate, you must have a 20 percent down payment and a credit score of at least 720. Additionally, the home must be your primary residence. The rate will vary based on credit score, debt ratio and property zoning.

About Fort Knox Federal Credit Union
Fort Knox Federal Credit Union was founded in 1950. It currently has more than $1.05 billion in assets and upwards of 76,000 members. In order to qualify for membership, you must be either an active or retired military duty or civil service employee, work for one the Select Employer Groups, or live or work in the service area. There is a $15 fee when you join; $5 will go toward your share and the rest covers your membership fee.

Check out Fort Knox FCU's full line of mortgage loans here.

Dump Your Big Bank and Save
Published September 2013 by Consumerreports.org

Consumer Reports magazine recently published an article featuring the advances in technology by most Credit Unions which now rival national banks.  Given the high fees often charged by the big banks, the article suggests it’s time to switch to a Credit Union. Below is an excerpt from the article, check out the full article here.

"Remember Bank Transfer Day, two years ago this month? That’s when mad consumers were supposed to bring giant banks such as Bank of America, Chase, and Citibank to their knees by moving their money to nonprofit credit unions.

It was a bust. Few people switched, in part because of the grip big banks had on them with their alluring online and mobile-banking services. Those let you use your computer and smart phone to watch balances, find ATMs, make account transfers, pay bills, and even deposit checks.

Now the top 10 credit unions have caught up, and many smaller ones have added, or are working to add, smart-phone banking, says Mary Monahan, an executive at Javelin Strategy & Research, a California market research firm. And new competitors have entered the fight for your dollars.

So if you’re still sick and tired of your megabank’s sneaky fees, questionable investment tactics, and slippery mortgage-lending practices, now may be the time for you to stage your own Bank Transfer Day. Here’s the lowdown on alternatives worth considering.

Credit unions

Why? They offer all of the services of a bank (and federal deposit insurance) but tend to charge considerably less for checking accounts and loans. And they generally pay higher interest rates on savings.

Why not? The customer-satisfaction rating for credit unions dropped five points last year, to 82, according to the American Customer Satisfaction Index (ACSI), which tracks 48 industries. Nevertheless, they still outscored Chase (74), Citibank (70), and Bank of America (66).

Where to find them. Membership is open only to people in a specific group, such as employees of a company, members of an association, or residents of certain communities. Go to mycreditunion.gov to find prospects near you."

Fort Knox Federal has recently added many Online Solutions to allow you access from anywhere at anytime. If you are interested in switching your checking account over to Fort Knox Federal, click here.

Fort Knox Federal Credit Union Receives 2013 Best of Bardstown Award
June 10, 2013

BARDSTOWN -- Fort Knox Federal Credit Union has been selected for the 2013 Best of Bardstown Award in the Credit Unions category by the Bardstown Award Program.

Each year, the Bardstown Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Bardstown area a great place to live, work and play.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2013 Bardstown Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the Bardstown Award Program and data provided by third parties.

About Bardstown Award Program

The Bardstown Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Bardstown area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.

The Bardstown Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community's contributions to the U.S. economy.

SOURCE: Bardstown Award Program

Attention: Online Banking Users
May 1, 2013

Financial institutions across the country were notified that Hacktivist Groups, with an agenda against the U.S., are intent on disrupting financial institution websites. These groups attempt to send an enormous amount of data to a website which then makes the website unavailable.

The issue is very similar to a busy phone line which causes an inconvenience. No member information is at risk. The issue only affects the ability to connect to a website address.

If you experience some online difficulties, please consider using other alternatives, such as, PhoneFacts, calling our Member Resource Center, or visiting one of our convenient branch locations.  

  • PhoneFacts:  502-942-7979
  • Member Resource Center:  800-285-5669

PRP/Valley Station Area Business Association Presentation
February 6, 2013

PRP/Valley Station Area Business Associations presented a framed photo collage to Angie Keeling (right), Valley Station Branch Manager; Michael Richardson, Commercial Loan Officer; Michael Bateman, Vice President of Marketing; and, Charlotte Masterson, Business Development Representative.  The pictures were taken at the new Valley Station Branch ribbon cutting and groundbreaking ceremonies.

Valley Station Open for Business
December 3, 2012

Our Valley Station Branch opened for business on December 3, 2012. Below our some photos of inside the branch as well as some of our very first members that came through the doors. Our Grand Opening celebration will begin for this branch beginning in January 2013!

 

Hardin County Veteran's Tribute - The Unveiling


Fort Knox Federal Credit Union was one of the major corporate contributors to the creation of the Hardin County Veterans Tribute that was unveiled on Sunday, 11/11/12, in the Nature Park in Elizabethtown.

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Your Fees, Their Bank
By: Nancy Folbre | The New York Times Blog

Nancy Folbre is an economics professor at the University of Massachusetts, Amherst. She recently edited and contributed to “For Love and Money: Care Provision in the United States.“

October 22, 2012 - Financial regulation is a never-ending saga. Restrict banks’ opportunities to turn a profit in one area, and, not surprisingly, they redouble their efforts in another. New credit card rules that went into effect in 2010, as well as legal tussles over “swipe fees,” have created pressure to find other sources of revenue.

Fees for late payments and overdrafts are making a big contribution to bank balance sheets these days, partly because consumers don’t pay as much attention to fees as to interest rates.
Efforts to regulate such fees may prove less effective in the long run than a consumer-driven shift toward nonprofit banks. Credit unions typically charge much lower fees than banks and offer more attractive interest rates. In rankings of customer satisfaction, they beat for-profit banks hands down.

Last year Bloomberg News published an article, “Bank Fees Are a Credit Union’s Best Friend,” and the trend continues. As one reporter for Forbes put it, “The fee environment worsened for bank customers in virtually every way possible in the first half of 2012.”

Consumers aren’t oblivious to all fees. Last year, loud protests led Bank of America to scrap its plans to charge for the use of debit cards. But fees based on late payments and overdrafts are less salient, even to highly educated, well-informed customers, for three reasons:

First, the variety of fees paid under different circumstances makes it hard to comparison shop. Try asking your bank for a complete schedule of all the fees it charges. Even if you can get the information, it’s not easy to understand. Many banks now aggressively court low-income borrowers who are more likely to make late payments and less likely to ask inconvenient questions.

Second, banks can manipulate the timing of payments to maximize penalty charges. Several banks, including US Bank, Bank of America and JPMorgan Chase, have paid millions to settle accusations that they improperly manipulated debit card transactions to generate higher overdraft revenue.

Third, people don’t like to believe they will make a late payment. If they do, they tend to feel just guilty enough to accept the punishment inflicted. It’s hard for customers to know how many others are in the same boat. Yet the boat holds a lot of passengers. A 2007 study by the Federal Deposit Insurance Corporation estimated that about 25 percent of Americans paid at least one overdraft fee that year.

Late mortgage payments are also common. When the financial crisis hit, many families found themselves unable to pay but received relatively little effective assistance renegotiating their loans.

Both Wells Fargo and JPMorgan Chase are facing class-action lawsuits accusing them of charging excessive and abusive fees to people delinquent on mortgage payments.

Late fees are designed to discourage bad behavior and are influenced by estimates of risk. But a study of credit card penalties published last year in the Journal of Financial Stability, “The Cost of Being Late,” shows that banks with bigger market shares tend to charge higher fees.

It can be more time-consuming to switch banks than it used to be, because many consumers now rely on direct deposit and online payment systems that can be cumbersome to modify.

Improved regulation could help consumers, even though banks seem to be able to burrow their way around new rules, poking their heads up in different places. The new Consumer Financial Protection Bureau may develop strategies in this game of whack-a-mole.

But why bank with moles in the first place? Credit unions charge fees, too, but they don’t design them to maximize revenue, because their goal is to serve their member-owners, not to turn a profit. That’s why their fees are lower and their loans more open to renegotiation.

Credit unions are painfully small compared with multistate megabanks, representing only about 6 percent of all financial institution assets in 2011. But they are growing fast on the basis of their reputation for excellent customer service.

Your fees, your fault — especially if you pay them to banks instead of to a local credit union.

Award Winning Volunteers

Louise Herring Award

Fort Knox Federal's Board of Directors Chairman, Howard Williams, accepted the Louise Herring Philosophy-in-Action Member Service Award.

Dora Maxwell Award

Howard Williams, Board of Directors Chairman, accepted the Dora Maxwell Social Responsibility Community Member Service Award.

   

Steve Brody Award

Fort Knox Federal's Board of Directors Secretary, Rosemary Deaton, accepted the Steve Brody Outstanding Volunteer Award.

William Mapother Award

Janet and Denis Pike accepted the William Mapother Lifetime Achievement Award on behalf of CSM Leo C. Pike, Jr.

Fort Knox Federal Named Army Credit Union of the Year
RADCLIFF, KY – August 21, 2012    
Fort Knox Federal Credit Union was awarded the Department of the Army’s 2011 Distinguished Service Award for Credit Unions during the Defense Credit Union Council Annual Conference held in Denver, Colorado on August 20.  

Fort Knox Federal recieved this honor in recognition of its many, varied and ongoing support activities extended to the Soldiers, civilian employees, veterans, retirees and their families who serve or are affilated with the Fort Knox military post.  Fort Knox Federal was selected from all on-post credit unions in the nation.

Since 1950, Fort Knox Federal has served the post and surrounding communities providing low cost financial services with a special appreciation for the unique cirrcumstances faced by many military families.  Specifically during 2011, Fort Knox Federal supported the mission of Fort Knox by improving special services to members; expanding its role in support of the post command and communities, and substantially increasing its involvement and collaboration with key partners both on and off post. 

 “We could not have achieved this recognition without the hard work and dedication of the entire (Credit Union) staff and, specifically, those member service staff on post and in surrounding branches,” said Bill Rissel, Fort Knox Federal President and CEO.  Board of Directors Chairman Howard A. Williams accepted the award on behalf of Fort Knox Federal. 

“The commitment of Fort Knox FCU to provide quality products and efficient service to Soldiers, DoD employees and their family members is outstanding.  Selection for this award is an indication of the excellent working partnership that exists between you, the Credit Union Liaison Officer and the credit union staff.  Results of this relationship are also evident in the financial products and timely delivery of financial services to the Fort Knox community,” said James J. Watkins, Director of the U.S. Army Accountability and Audit Readiness Department, when announcing the award to the post command.

Fort Knox Federal also dedicated a full-time seasoned employee to assisted hundreds of newcomers, mostly  inbound Soldiers and their families, coming to Ft. Knox at no cost or obligation.  Relocation Specialist/Liaison Officer, Charlotte Masterson, also provided support to groups such as Family Readiness, Duke Association, Wounded Warriors Transition Unit and Financial Readiness Program.  Fort Knox Federal provided a wide range of services from housing referrals to arts and recreation suggestions to transportation and lodging information to family financial management workshops, all free of charge.   

In 2011, the Fort Knox Federal sponsored a platoon deployed to Afghanistan.  The troops of Recon Platoon, A Company, Special Troops Battalion, 3rd Brigade Combat Team, 1st Infantry Division received many care packages and shared supportive messages between the unit members and the Credit Union staff.

Sixty-two years ago, Fort Knox Federal was established by 10 civilian employees at Fort Knox and now serves nearly 80,000 members and operates 14 conveniently located branches in Bardstown, Brandenburg, Campbellsville, Danville, Elizabethtown,  Fort Knox,  Hodgenville,  Leitchfield and Radcliff; and, just announced construction of new branch in Valley Station in Jefferson County. 

Refinancing Gets Even More Attractive
By AnnaMaria Andriotis | Wall Street Journal

Jan. 3, 2012 - Homeowners who have resisted the urge to refinance their mortgages until now could be rewarded for their willpower. Mortgage rates have fallen to new lows—and banks are rolling out incentives to win business.

Economic uncertainty in Europe and slow growth in the U.S. are prompting investors to pile into ultrasafe U.S. Treasurys. That, in turn, is pushing down mortgage rates, which are tied to Treasurys.

The average interest rate on a 30-year mortgage fell to 4.05% for the week ended Dec. 23, the lowest in 60 years, according to HSH Associates, a mortgage-data firm. And rates on jumbo mortgages—private loans that in most parts of the country are larger than $417,000—also have hit new lows, averaging 4.61%.

"It's hard to argue rates will get much lower than they are today," says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles.
That's good news for homeowners. A person who refinanced a $400,000 30-year mortgage in February would pay an interest rate of 5.04% on average, according to HSH Associates, and fork over $2,157 a month; at the current rate of 4.05%, he'd save $236 per month, or $2,830 per year.

What's more, demand for refinancing is declining, since many homeowners already took advantage of lower mortgage rates. Applications for refinancing are 17% below this year's peak in September, according to the latest data from the Mortgage Bankers Association.

That and other factors have prompted some lenders to offer incentives to win new business—particularly regional and community banks, which are focusing more on jumbo mortgages, says Stu Feldstein, president at SMR Research, which tracks the mortgage market.

The discounts can be sizable. Regional bank Valley National Bank charges homeowners in New Jersey and eastern Pennsylvania a flat fee of $499 for closing costs on mortgages as large as $1 million. Since average closing costs on a refinance run about 2% of the total loan amount, a person with an $800,000 mortgage could save about $15,500.

A spokesman for the bank says it is aggressively marketing the discount in part to bring in more customers.

While many lenders don't refinance mortgages that are larger than about $2 million, Union Bank—which has branches in California, Oregon and Washington—refinances up to $4 million at no extra cost. (Many banks that refinance multimillion-dollar mortgages tack up to an extra quarter of a percentage point on the interest rate.)

Since November, Union Bank has also allowed borrowers to roll the costs of a refinance, like the appraisal fee and loan processing fee, into the mortgage. And borrowers whose original mortgage is from Union Bank don't have to provide all of the income documentation that other customers do in order to refinance.

In part, the bank's goal is to develop relationships with high-net-worth clients, says Stuart Bernstein, national production manager of residential lending at Union Bank.
Despite the incentives, many would-be applicants remain sidelined because they can't meet the long list of qualifications.

The home-equity requirement is one of the toughest hurdles, says Mr. Feldstein. Homeowners with at least 10% home equity make the cut, but people with less have a tougher time.
Borrowers with 10% to 19% equity in their home usually have to buy private mortgage insurance, whose cost varies based on many factors, including their credit score. A borrower with 15% equity and a FICO credit score above 720 could pay 0.44% of the total loan amount, says Keith Gumbinger, vice president at HSH Associates. On an $800,000 loan that would be $3,520 a year—eating into the potential savings of a refinance.

In December, the federal government rolled out a revamped version of the Home Affordable Refinance Program with relaxed home-equity requirements, to allow more borrowers to refinance. To qualify, the current mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae, and borrowers need to be mostly current on payments.
For regular refinancing, applicants need a FICO credit score of at least 740 to get the best rates, says Mr. Gumbinger. And they must provide copious documentation, including at least two years' worth of tax returns and proof of income as well as recent statements for assets such as retirement and brokerage accounts.

After clearing those hurdles, you might wait about 60 days for refinancing to be completed, says Mr. Gumbinger—longer than the typical 45 days. While some lenders are offering 60-day rate locks for free, others charge a quarter of a percentage point of the total loan amount for the service. On an $800,000 mortgage, that's $2,000.

Or you could opt to take your chances with a free 45-day lock and hope rates don't spike between day 46 and the date your loan closes. With the euro zone still in economic crisis and global investors rushing to the safety of U.S. Treasurys, housing-market analysts say it could be at least six months before rates rise significantly.

The 3 Best Gas Cards You Rarely Hear About
US News & World Report | Thursday, June 30, 2011

Click here to check out what US News & World Report says about our "Hidden Gem" VISA Platinum Credit Card!


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